My organisation has taken a loan from an Indian bank foreign branch say Bank of India from its branch in scotland do i need to deduct tax on interest on loan taken under section 195 of indian income tax act 1961...
Ronak Agarwal (Manager) (35 Points)
10 January 2012My organisation has taken a loan from an Indian bank foreign branch say Bank of India from its branch in scotland do i need to deduct tax on interest on loan taken under section 195 of indian income tax act 1961...
kumarsatish022
(Professional)
(165 Points)
Replied 10 January 2012
I don't think so , it is a normal bank transcation, when you pay interest for the loan amount taken. Memebrs pls provide your deep insights
Ronak Agarwal
(Manager)
(35 Points)
Replied 11 January 2012
Interst on loan taken from an indian bank is excemted from deduction of tds so shall i be excempted under the same ......
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 15 January 2012
Ronak, yes your understanding is correct.
Anuj
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